The Global Insulation Market size was
worth over USD 52 billion in 2017 and is expected to grow with a CAGR (Compound
Annual Growth Rate) of 7.5% from 2018 to 2024.
The major growth driver for this market
is growing demand of insulation solutions in non-residential and residential
applications, owing to rising importance of energy conservation and increasing
energy costs, is a major trend observed in the global market.
The U.S. government through the
Weatherization Assistance Program (WAP) to promote thermal insulation in
low-income households via federal funding are likely to boost market growth in
North America. Sufficient funds sanctioned by the U.S. U.S. Government
initiatives to reduce greenhouse gas emissions, coupled with increasing
construction spending across the globe, are projected to drive global demand.
Building regulations pertaining to energy conservation are expected to
strengthen demand for foamed plastic insulation in India and China. Increasing
industrial output, rapid urbanization, and rising income levels in emerging
markets of Asia Pacific have steered the need for upgraded infrastructure.